Orestone Mining Corp.
TSX VENTURE : ORS

Orestone Mining Corp.

July 14, 2010 18:33 ET

Orestone Launches Airborne Survey at Todd Creek Project and Provides Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2010) - Orestone Mining Corp. (TSX VENTURE:ORS) ("Orestone" or the "Company") is pleased to announce it has commenced an airborne EM/Magnetic survey on the Todd Creek Project in the Stewart Mining Camp of North Western British Columbia. The Todd Creek Project comprises 19,467 hectares and hosts significant potential for gold-copper porphyries and precious metal rich VMS deposits. The Todd Creek Project is owned by the Todd Creek joint venture (the "Joint Venture") of which Orestone, through its subsidiary Intuitive Exploration, Inc ("Intuitive"), holds a 51% interest. Intuitive is the operator of the joint venture.

The VTEM airborne survey is being conducted by Geotech Ltd. and is designed to follow up on outcropping precious and base metal mineralizing systems, including precious metal rich massive sulphides, copper gold veins and breccias, and porphyry gold-copper style alteration. The cost of the survey will be approximately $450,000 and will total approximately 2,172 line km of VTEM-M Time Domain EM and magnetic surveys.

The Todd Creek Project

The Todd Creek Project occurs within the favorable Hazelton Group stratigraphy and associated suites of intrusions in the Stikine Terrane. This geological environment hosts many large mineral deposits including: Kerr-Sulphurets-Mitchell (KSM), Eskay Creek, Granduc, and Silbak-Premier.

The Joint Venture owns the Todd Creek property and an option to acquire a 100% in the adjoining Funk property, both located in the Skeena Mining Division, Stewart Gold Camp. The consolidated land position comprises 19,467 hectares. The Todd Creek Project has seen extensive historic exploration work delineating numerous outcropping gold, copper, and zinc-rich mineral systems, including a small historic gold resource. The Project is very well located, approximately 45 km southeast of Seabridge Gold's giant KSM gold-copper deposit and directly on trend from the Homestake Ridge and BA Projects.

Intuitive conducted significant mapping, sampling, and limited drilling on the property in 2008. This program identified numerous base and precious metal anomalies, including a new volcanogenic massive sulphide occurrence called the VMS Zone. The VMS Zone outcrops and contains grades of up to 7% zinc, 1.6% copper, and 45 grams/tonne silver, though it has not yet been drill tested. For a detailed discussion of the geology and previous work on the Todd Creek Project, please see the Company's NI 43-101 technical report entitled "Geology, Exploration, and Mineralization of the Todd Creek Property, Northwest British Columbia, Canada" dated April 12, 2010. The report is filed on SEDAR and will be available on the Company's website shortly.

Historically, Hemlo Gold Mines Inc, a subsidiary of Noranda Mining, drilled 57 holes (5225.5 m) in the late 1980's on the Todd Creek property, outlining an historic "resource" of 207,000 tonnes grading 5.48 grams/tonne gold (Hemlo Gold Mines Inc., 1988 Annual Report). This mineralization is open along strike and represents a target for future drilling. While the information about this gold occurrence is believed by the Company to be reliable, it was not reported to the standards of National Instrument 43-101 nor has it been fully verified by Orestone. The information is only reported here for informational purposes and should not be relied upon.

The VTEM/magnetics survey will follow-up on the newly discovered massive sulphide mineralization at the VMS Zone and further evaluate the copper-gold targets that have been delineated on the western half of the property.

Corporate Update

Recently, the Company completed a plan of arrangement whereby it acquired all of the outstanding shares of Intuitive. As part of the plan of arrangement a new management team and Board of Directors were appointed as follows: Jose Pinedo, President, CEO and Director; Robert Perry, Vice President-Exploration; Lorne Torhjelm, CFO; Patrick Highsmith, Director; John Holmlund, Director; Gordon Richards, Director; and Michael Tulumello, Director.

On behalf of the Company, the Board of Directors would like to thank the retiring Directors and Officers, James Mitchell and Brian (Barney) Bowen, for their contributions to the Company and assistance and diligence in completing the plan of arrangement.

The Company further announces that it has reached an agreement with Datinvest International Ltd ("Datinvest") to settle a debt owed to Datinvest in the amount of $25,000 in exchange for 250,000 common shares in the capital of the Company at a price of $0.10 per share. The completion of the shares for debt settlement is subject to approval by the TSX Venture Exchange.

The Company is in the process of updating and reconstructing its Website: "www.orestone.ca" which will be available soon.

About Orestone

Orestone is a British Columbia focused gold-copper exploration company with assets in two of BC's most important geological terranes: Stikine and Quesnel. As described above, the Company is currently advancing the Todd Creek Project toward drill targets with an airborne geophysical survey. In addition to Todd Creek, Orestone is presently exploring three mineral properties in northern B.C and one mineral property in southern B.C. all within the Quesnel Terrane. The Quesnel Terrane extends from the US border to northern B.C. and hosts numerous mines and many developing bulk tonnage Cu-Au prospects such as those on the Mt. Milligan and Kwanika properties in north-central B.C.

Review by Qualified Person

The technical contents of this news release have been reviewed and approved by Robert Perry, the Company's qualified person. Mr. Perry is a Certified Professional Geologist (C.P.G.) with the American Institute of Professional Geologists and a qualified person as defined by NI 43-101.

Forward Looking Statement

Some of the statements contained herein may be forward-looking statement, which involve known and unknown risks and uncertainties. Without limitation, statements regarding future plans and objectives of Orestone are forward looking statements that involve various degrees of risk. It is important to note that Orestone's actual results could differ materially from those in such forward-looking statements.

ON BEHALF OF THE BOARD OF DIRECTORS,

Jose A. Pinedo, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

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